Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Tower Semiconductor began 2025 with a first-quarter revenue of $358 million and a net profit of $40 million.</li><li>The company forecasts second-quarter revenue to hit a midpoint of $372 million and anticipates sequential revenue increases through the year, underscored by stronger acceleration in the second half as capacity investments are completed.</li><li>The overall semiconductor market has been marred by uncertainties, such as tariffs and policy changes, but Tower's global manufacturing capabilities provide a strategic advantage, allowing flexibility in meeting customer demands.</li></ul>

Tower Semiconductor began 2025 with a first-quarter revenue of $358 million and a net profit of $40 million.The company forecasts second-quarter revenue to hit a midpoint of $372 million and anticipates sequential revenue increases through the year, underscored by stronger acceleration in the second half as capacity investments are completed.The overall semiconductor market has been marred by uncertainties, such as tariffs and policy changes, but Tower's global manufacturing capabilities provide a strategic advantage, allowing flexibility in meeting customer demands.

Tower Semiconductor Is Pouring Millions Into SiPho & SiGe—Is a $2.7 Billion Revenue Target in Sight?

<ul><li>Tower Semiconductor's recent earnings call for the fourth quarter and fiscal year 2024 highlighted several key financial and strategic elements impacting the company's market performance.</li><li>The company reported an annual revenue of $1.44 billion, marking a year-over-year growth in its fourth quarter revenue by 10% and overall a sequential annual growth of 18%.</li><li>Net profit stood at $208 million, reflecting a stable financial performance with a net profit margin of about 14%.</li></ul>

Tower Semiconductor's recent earnings call for the fourth quarter and fiscal year 2024 highlighted several key financial and strategic elements impacting the company's market performance.The company reported an annual revenue of $1.44 billion, marking a year-over-year growth in its fourth quarter revenue by 10% and overall a sequential annual growth of 18%.Net profit stood at $208 million, reflecting a stable financial performance with a net profit margin of about 14%.

Tower Semiconductor: Can It Capitalize On The Emergence Of OLED On Silicon As A Growth Opportunity?

<ul><li>Tower Semiconductor reported financial results for the third quarter of 2024, showcasing notable performance across several key areas, but also reflecting some challenges.</li><li>The company recorded a revenue of $371 million, marking a 6% increase quarter-over-quarter and a 3.5% rise year-over-year.</li><li>With a reported net profit of approximately $55 million, Tower achieved a net margin of about 15%.</li></ul>

Tower Semiconductor reported financial results for the third quarter of 2024, showcasing notable performance across several key areas, but also reflecting some challenges.The company recorded a revenue of $371 million, marking a 6% increase quarter-over-quarter and a 3.5% rise year-over-year.With a reported net profit of approximately $55 million, Tower achieved a net margin of about 15%.

Tower Semiconductor’s Explosive Silicon Photonics Demand Surge Paves the Way for Unstoppable Revenue Growth! - Major Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Nvidia will report its earnings today U.S.-time, we outline the key Taiwan AI supply chain names to watch around the earnings.</li>
<li>TSMC has maintained its full-year revenue guidance despite media reports questioning whether a further downgrade was coming.</li>
<li>Hon Hai produces over 50% of Nvidia's AI hardware according to media reports.</li>
</ul>


Nvidia will report its earnings today U.S.-time, we outline the key Taiwan AI supply chain names to watch around the earnings.
TSMC has maintained its full-year revenue guidance despite media reports questioning whether a further downgrade was coming.
Hon Hai produces over 50% of Nvidia's AI hardware according to media reports.


Taiwan Tech Weekly: Key Supply Chain Names to Watch for Nvidia's Earnings Today

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.</li>
<li>Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.
Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.


India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

Israel

Tower Semiconductor Ltd. (TowerJazz) is an independent foundry providing semiconductor integrated circuits manufacturing & related design services. The Company manufactures wafers using its technologies & production capability and the proprietary designs of its customers. TowerJazz's integrated circuits are incorporated into a wide range of products in diverse markets.

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Tower Semiconductor (TSEM US)

Tower Semiconductor Is Pouring Millions Into SiPho & SiGe—Is a $2.7 Billion Revenue Target in Sight?

Tower Semiconductor began 2025 with a first-quarter revenue of $358 million and a net profit of $40 million. The company forecasts second-quarter...

Baptista Research

Tower Semiconductor: Can It Capitalize On The Emergence Of OLED On Silicon As A Growth Opportunity?

Tower Semiconductor's recent earnings call for the fourth quarter and fiscal year 2024 highlighted several key financial and strategic elements...

Baptista Research

Tower Semiconductor’s Explosive Silicon Photonics Demand Surge Paves the Way for Unstoppable Revenue Growth! - Major Drivers

Tower Semiconductor reported financial results for the third quarter of 2024, showcasing notable performance across several key areas, but also...

Baptista Research

Taiwan Tech Weekly: Key Supply Chain Names to Watch for Nvidia's Earnings Today

Also -- TSMC has maintained its full-year revenue guidance and Hon Hai is said to produce over 50% of Nvidia's AI hardware.

Vincent Fernando, CFA

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

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